How to Save Money at the Gas Pump
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Here's your money briefing for Friday, July 1st. I'm J.R. Whelan for The Wall Street Journal. Earlier this week, we told you how rising gas prices have caused banks and gas stations to increase the hold they place on your credit or debit card when you fill up. With gas prices still hovering near $5 a gallon, knowing how to save at the pump can make all the difference.
A lot of people think that waiting until your gas tank is empty, you know, helps you get that last little drop of gas. But that actually damages your fuel pump, which in the long run will hurt your fuel economy in general.
Our personal finance reporter, J.J. McCorvey, has been making a list of all sorts of ways that drivers can save money on gas from using the right credit card to not speeding. And we're talking more than just a few cents. We'll get the details after the break.
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How are rising gas prices affecting household fuel budgets?
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The summer driving season is in full force, and with gas prices still around $5 a gallon, many Americans are having to set aside a big chunk of their budget just to fill up the car. But there are ways you can lessen that pain at the pump. Our personal finance reporter, J.J. McCorvey, has been looking into what drivers can do to keep more of that gas money in their pocket, and he's with us now. Hey, J.J., thanks for being here.
Thanks for having me, JR.
You know, JJ, we've seen the price of gas ramp up dramatically in just the past few months. How bad has it gotten for families that need to fill up every week or so?
It's pretty bad, JR. U.S. households are now spending at a pace that is equivalent to about $5,000 annually on gasoline. And that's up from a rate of $2,800 a year ago. And that's according to a report by Yardini Research.
Now, President Biden has floated the idea of a gas tax holiday, but that needs congressional approval, and there's been some debate about how effective it might be. So let's talk about what motorists can do now to save some money. We often see credit card rewards that include savings on gas. So how can drivers use those to their advantage?
A lot of stores and gasoline stations and credit card companies offer several discounts, some of which can be combined to actually compound and combine the savings. But drivers might want to do a little homework to find the best deals. We talked to Ted Rossman, who's an analyst at Bankrate, and said that warehouse club cars are particularly attractive because Sam's Club and Costco often sell gas that's considerably cheaper than a competition car. One example is Sam's Club's MasterCard, which provides 5% cash back on gasoline purchase almost anywhere. And then the savings with that card is capped at $6,000 a year or about 25 cents a gallon. And that's assuming a $5 a gallon price. And there's also Costco's Anywhere Visa card, which provides 4% cash back on gasoline purchased almost anywhere, with savings capped at $7,000 a year.
Using the card saves 20 cents on a $5 gallon.
And gas companies and gas stations also have their own credit cards.
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